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Voice By Eos.io (EOS) Severely Criticized for KYC and Content Restrictions

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Tue, 02/04/2020 - 11:37
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  • Jacque Whales of Novusphere, the team behind the EOS-based forum Discussions.app, chastised the brand new Voice platform by Block.one for strict KYC and content policies.

Cover image via 123rf.com
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Jacque Whales, web-developer of an EOS-based forum Discussions.app published a detailed post to outline the disadvantages of the Voice social media platform by Block.one.

SEC approval means draconian KYC policy

First of all, Mr. Whales is concerned about the decision of Block.one to meet the demands of the U.S. Securities and Exchange Commission (SEC). This body investigates any kind of digital asset that is somehow available to the U.S. citizen.

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To offer its tokens within the U.S., Block.one needs to impose strict regulations in the KYC ('know-your-customer'), AML ('anti-money-laundering') and CFT ('combating the financing of terrorism') spheres. According to the official presentation of the Voice platform, it will comply with 'federal, state and tax' regulations.

Voice will meet all legal requirements
Image by Discussions

But at what cost? Jacque Whales emphasizes that Voice will ask its potential users to provide a government issued ID and a proof of address. In this case, he admits, 'none of my friends will go through all this just to use a social media platform'.

The one and only use-case for Voice

These requirements are accompanied by a very strict moderation policy. Those who upload restricted content, will be punished by 'cancelling' their tokens. Literally, you can lose your money just because of a moderator's decision.

Given all of this, Mr. Whales has determined the only sphere the Voice platform will be used in. 

Voice is designed for citizen journalists.

This will be important, as a system like Voice can punish those who publish fake news and reward those who decide to play a fair game. Moreover, it's not a coincidence that Salah Zalatimo, ex-head of Forbes was picked as the Voice CEO, Mr. Whales concluded.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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  • Ripple's development platform proposes to add an opt-in privacy feature to the XRP Ledger

Cover image via stock.adobe.com
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Ripple's development arm Xpring has come up with a new proposal to add an "opt-in" privacy feature to the XRP Ledger. It's now up to the community to review the proposal via GitHub.   

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Private transactions  

In his blog post, Warren Paul Anderson, the head of the Xpring developer community, explains that XRP can be made anonymous with the help of 'blinded tags' that would obfuscate the source and destination tags from anyone apart from from the originator and the source of a specific transaction. 

In such a way, private payments on the XRP Ledger would appear 'random' to third parties.  

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Streaming payments  

Xpring also made an announcement about the Xpring Wallet adding support for the STREAM protocol. It allows users to send and receive in the form of encrypted packets of money or data over blockchain-agnostic Interledger by establishing an HTTP connection.  

All developers can now integrate streaming payments into their applications with the help of Testnet XRP.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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